Arizona housing market sparks bidding wars for homebuyers

By Griselda Zetino | KTAR

PHOENIX –Homebuyers throughout Arizona are dishing out tens of thousands of dollars extra in bidding wars to get the home they want.

That’s because there are so many buyers and not enough inventory of houses on the market, according to several realtors who spoke with KTAR News 92.3 FM.

Rodney Wood, a realtor in the Valley, said he’s seeing buyers pay about 10% above asking price. He said several of his clients recently got more than $100,000 over asking price for their homes.

“Sometimes it’s because of just a couple of buyers that don’t want to give up,” he said.

Gary Nelson, a realtor in Flagstaff, is seeing something similar. He said homes in his area are selling for about 5% over asking price.

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